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Probably you already know that neighbor.com is a great passive income method, but still, confused about how to become a host?
Follow me, for 6 complete steps to successfully onboard as a host and start earning at least $600 a month in passive income from home!
1. Create a new Neighbor account And Verify
Click here to go directly to the Neighborhood homepage and click ” Become a host“. You can also sign up with your Google account.
Because of the need for property storage, both the tenant and the host need real identity verification to ensure the safety of their property. You only need to provide one of the following to successfully authenticate:
2. Post a listing
Take professional photos for your storage space before that. This is to better attract renters.
- Be as complete and truthful as possible when creating listings
- A brief description of the space
- Precise space size
- Type of storage (eg garage, basement, room, etc.)
- Monthly rent
- Renter’s insurance policy (optional)
- Other remarks
Although you fill in the amount you want to rent, Neighbor will match the listing information you entered with the average price of the current listing to give the best monthly price suggestion.
The factors that affect the rental price include but are not limited to the following:
- Storage size and geographic location
- Storage space security
- Configuration of storage space
- Market supply problem
For example, if you have a large garage and are located in a high-security neighborhood, the Neighbor’s rental recommendation will be relatively high.
3. Respond positively to renters
You’ve successfully posted your space, and it’s time to start asking renters for information about the listing. Although you have written the content of the listing information completely on the post, it is still necessary to actively respond to the information of the renter.
Just like Airbnb, you need to provide a good service attitude to get long-term cooperation requests. When the renter asks you, you also have the right to choose whether to lease the space to him. This is a communication between the two parties.
If you want to rent out your space quickly, you can set up a first-month rent discount to attract renters who are interested in your space.
The main purpose of this website is to help Neighbor store things. If the renter comes from far away, you need to consider whether to rent the space.
4. Successful rental
When a landlord agrees to rent out an unused space to a renter, the Neighbor automatically provides the landlord with $1 million in liability insurance, and the landlord no longer has to sign an additional contract to keep themselves safe.
The renter has confirmed the lease time, and you can negotiate with them the use of storage space and time, including
- Alerting storage space attention
- Change password (if any)
- meeting time
Please be friendly and make your neighbors feel safe and comfortable.
5. Get paid
Neighbor requires renters to prepay one month’s rent, and you can get your payout 30 days after a successful lease. It is worth noting that Neighbor charges a commission: 4.9% commission + $0.3 fee for depositing into a bank account.
For example, if you rent out a house for $100/month, you get paid $95.4.
When you register a Neighbor account, you need to bind a bank account, and Neighbor will automatically pay to your bank account every time a rental period ends. One of the reasons Neighbor can be passive income is because you don’t need to ask renters for rent after a successful lease, Neighbor will help you do it.
6. How to get renters fast
Neighbor is a platform that helps you post rental listings, but doesn’t guarantee success in finding renters. If your space hasn’t been rented out for a long time, you’ll need to rely on your social media to help spread the word. In addition, you can publish your information through the community and discussion groups, which will make it easier to find renters. After all, our goal is to rent to neighbors.
7. Other liquidated damages provisions
For renters, renters have the right to cancel the order before the official occupancy, but Neighbor will subsidize the landlord accordingly depending on the cancellation time.
- 4 days + before the rental date: 100% refundable deposit
- 0-3 days before the rental date+: 80% refundable deposit
- From the rental date: 0% refundable deposit
For landlords, the landlord has the right to cancel the space lease but is in breach of contract. The correct approach is to inform the renter 30 days in advance that they need to cancel the space lease, otherwise they will pay the default fee.
Summarize
Using neighbor to advertise vacant space is very simple, the main thing is how to let the right renters know the information. This requires you to actively promote your posts. In addition, you need to price appropriately according to your space, and the price is too high is one of the important reasons for the failure of the lease.
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